:strip_icc()/i.s3.glbimg.com/v1/AUTH_59edd422c0c84a879bd37670ae4f538a/internal_photos/bs/2023/v/X/9LCC7KQjaOjXUmtuuBPQ/2023-05-23t144845z-1-lynxmpej4m0lr-rtroptp-4-giphy-m-a-shutterstock.jpg "Meta complies with UK order and sells Giphy to Shutterstock for M | technology")
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Photography company Shutterstock said on Tuesday (23) that it has bought the Giphy da Meta motion picture platform for US$53 million (about R$264 million).
The UK’s antitrust regulator last year ordered Meta to sell Giphy over concerns the deal would stifle competition. Particularly harmful to Snapchat and Twitter.
a Giphy has the world’s largest repository of GIFscommonly known as GIFs, and stickers that are used on platforms like Facebook, Instagram, TikTok, and Microsoft Teams.
The content, which also includes official material from media companies like Disney and Netflix, hits 15 billion impressions per day.
- Instagram now lets you use GIFs in photo and video captions
In 2020, Meta reportedly paid $400 million for Giphy. after one year, The deal has been challenged by the UK’s Competition and Markets Authority (CMA).It is the first time that a British regulator has forced the US tech giant to sell an already acquired company.
Shutterstock said Giphy will add “negligible” revenue this year and will make efforts to increase revenue starting in 2024.
“This is an exciting next step in Shutterstock’s journey as a comprehensive creative platform,” said Paul Hennessy, CEO of Shutterstock.
Shutterstock said the deal with Giphy will allow access to about 1.7 billion daily users. The company’s shares rose as much as 4% on Premarket.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.